A drill bit for drilling a wellbore, the drill bit having a body and at least one bearing. A rotary cone is rotatably attached to the bit body at the bearing. A lubricant reservoir is located in an inner portion of the bit body and is in fluid communication with the bearing. A communication port leads from the inner portion of the bit body to the exterior of the bit body. A fiber reinforced elastomeric pressure compensator diaphragm separates lubricant in the lubricant reservoir from the communication port.